(CNN) — GNC has filed for bankruptcy, warning it will close up to a quarter of its stores and search for a buyer.
The 85-year-old vitamin and dietary supplement company has been saddled with nearly $1 billion of debt and has faced declining sales at its brick-and-mortar locations since before the pandemic. However, GNC said that stay-at-home orders during the Covid-19 pandemic prevented the company from accomplishing its refinancing plans because of the abrupt “dramatic negative impact” on its business.GNC will continue operating, but it will become a smaller company. It plans to close up to 20% of its 5,800 retail stores, which amounts to as many as 1,200 locations across the United States. GNC also sells its products in an additional 1,200 Rite Aid stores.
Among some of the store closures in the Pittsburgh area, are the location at the Monroeville Mall, the Cranberry Mall, Clearview Mall in Butler, and Pine Creek Center.
It obtained $130 million in fresh financing from its largest vendor, vitamin supplier IVC, to help it restructure. GNC aims to emerge from bankruptcy in the fall.
President Trump will sign an executive order Tuesday outlining the administration’s efforts to track officer misconduct, incentivize some departments and involve social workers and mental health professionals on some calls.
The order comes as the president faces tremendous pressure to take action following the killing of George Floyd at the hands of police last month.
The national uprising in response to the brutal murder of George Floyd, a forty-six-year-old black man, by four Minneapolis police officers, has been met with shock, elation, concern, fear, and gestures of solidarity. Its sheer scale has been surprising. Across the United States, in cities large and small, streets have filled with young, multiracial crowds who have had enough. In the largest uprisings since the Los Angeles rebellion of 1992, anger and bitterness at racist and unrestrained police violence, abuse, and even murder have finally spilled over in every corner of the United States.
As the world battles the coronavirus crisis, researchers are warning of a potentially active Atlantic Ocean hurricane season, which kicks off June 1 through the end of November.
Specifically, the team forecasts 16 named tropical systems; 12 is the average. Eight of those named systems are forecast to reach hurricane status, with winds greater than 74 mph; Six is the usual amount per year. CSU is also forecasting more major hurricanes than is typical per year: four as opposed to the average of 2.7.
At least eight of the 16 named tropical storms that are forecast will reach hurricane status with winds greater than 74 mph, according to Colorado State University.